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प्रकाशन

मुद्रास्फीति पर घरेलू अपेक्षाओं का सर्वेक्षण

आज, रिजर्व बैंक ने सितंबर 2018 दौर की मुद्रास्फीति पर घरेलू अपेक्षाओं के सर्वेक्षण (IESH)1 2 के परिणाम जारी किए। सर्वेक्षण 18 शहरों में आयोजित किया गया था और इसके परिणाम विभिन्न व्यावसायिक श्रेणियों को कवर करते हुए 5,760 शहरी परिवारों के प्रत्युत्तरों पर आधारित है।

विशेष:

i. ऐसे उत्तरदाताओं का अनुपात, जो आगे के तीन महीनों में और आगे के एक वर्ष के लिए अपेक्षा करते थे कि कीमतों में वृद्धि वर्तमान दर से भी अधिक रहेगी, जून 2018 के दौर जैसा ही रहा (तालिका 1 a और b)।

ii. जहां तक उत्पाद समूहों का संबंध है, खाद्य और गैर खाद्य उत्पादों की कीमतों में होनेवाली वृद्धि को वर्तमान दर के मुकाबले अधिक तेज़ी से होने की अपेक्षा करनेवाले उत्तरदाताओं की अनुपात बढ़ गई है।

iii. जून 2018 दौर की तुलना में तीन महीने आगे की मेडियन मुद्रास्फीति अपेक्षाओं में 50 आधार अंकों की वृद्धि हुई। तथापि एक वर्ष आगे के लंबे अंतराल के लिए परिवारों ने अपनी अपेक्षाओं को 30 आधार अंकों से कम कर दिया (चार्ट 1, तालिका 2)।

iv. वर्तमान की अवधारणाओं और अल्पावधिक मुद्रा अपेक्षाओं के बीच का अंतर बढ़ा हुआ पाया गया जबकि मध्यम अवधि के लिए यह घट गया।

टिप्पणी: कृपया समय शृंखला डेटा के लिए एक्सेल फाइल देखें

Table 1(a): Product-wise Expectations of Prices for Three Months ahead
(Percentage of Respondents)
Round Sep-17 Mar-18 May-18 Jun-18 Sep-18
Options: General Estimate SE
Prices will increase 81.3 80.2 82.3 83.8 80.4 0.92
Price increase more than current rate 50.5 45.4 50.5 50.1 49.1 1.15
Price increase similar to current rate 25.4 27.2 25.1 26.4 27.6 1.00
Price increase less than current rate 5.4 7.5 6.7 7.3 3.7 0.38
No change in prices 15.8 17.8 16.0 14.6 17.4 0.88
Decline in prices 2.9 2.1 1.7 1.6 2.2 0.31
Options: Food Product            
Prices will increase 79.5 79.6 82.0 81.4 79.5 0.89
Price increase more than current rate 47.5 44.0 48.3 47.8 48.9 1.12
Price increase similar to current rate 24.8 24.9 24.5 24.8 24.5 0.91
Price increase less than current rate 7.3 10.7 9.3 8.7 6.1 0.48
No change in prices 13.3 15.4 13.5 13.3 15.5 0.82
Decline in prices 7.1 5.0 4.5 5.3 4.9 0.40
Options: Non-Food Product            
Prices will increase 74.7 75.0 78.4 78.2 78.9 0.87
Price increase more than current rate 43.4 39.6 45.8 44.5 47.5 1.11
Price increase similar to current rate 24.8 25.4 24.0 24.4 25.3 0.91
Price increase less than current rate 6.6 10.0 8.6 9.3 6.1 0.48
No change in prices 19.3 20.8 18.1 17.7 17.1 0.81
Decline in prices 5.9 4.2 3.6 4.1 4.0 0.38
Options: Household Durables            
Prices will increase 61.5 63.7 63.2 58.7 56.6 1.05
Price increase more than current rate 37.3 34.7 36.7 32.6 32.4 1.05
Price increase similar to current rate 19.1 20.7 19.9 19.1 19.5 0.80
Price increase less than current rate 5.1 8.3 6.6 7.1 4.7 0.41
No change in prices 25.3 26.2 26.8 30.9 30.8 0.98
Decline in prices 13.2 10.1 10.0 10.4 12.5 0.66
Options: Housing Prices            
Prices will increase 68.9 70.0 71.6 71.6 67.1 0.92
Price increase more than current rate 44.9 43.9 47.6 45.3 45.2 1.02
Price increase similar to current rate 19.2 18.8 18.2 19.9 17.9 0.78
Price increase less than current rate 4.9 7.3 5.8 6.4 4.0 0.40
No change in prices 20.0 22.4 20.8 20.7 24.1 0.87
Decline in prices 11.1 7.7 7.7 7.7 8.8 0.59
Options: Cost of Services            
Prices will increase 68.7 70.2 72.0 70.8 67.7 1.04
Price increase more than current rate 40.7 38.3 42.9 40.8 41.8 1.15
Price increase similar to current rate 22.5 23.5 22.6 22.8 21.0 0.89
Price increase less than current rate 5.5 8.3 6.6 7.3 5.0 0.43
No change in prices 27.3 26.6 25.6 26.5 29.6 1.01
Decline in prices 4.0 3.3 2.4 2.6 2.7 0.33
Note:
1. The table provides estimates and standard errors for qualitative responses for September 2018 round. For earlier rounds, the results are based on sample proportions.
2. Constituent items may not add up to the corresponding total, due to rounding off.

Table 1(b): Product-wise Expectations of Prices for One Year ahead
(Percentage of Respondents)
Round Sep-17 Mar-18 May-18 Jun-18 Sep-18
Options: General Estimate SE
Prices will increase 93.5 90.8 91.1 91.6 88.3 0.77
Price increase more than current rate 61.2 56.7 62.6 59.8 59.7 1.15
Price increase similar to current rate 27.3 28.0 23.4 25.8 25.3 0.97
Price increase less than current rate 5.0 6.2 5.0 6.0 3.3 0.35
No change in prices 4.1 7.1 6.5 6.5 9.1 0.69
Decline in prices 2.5 2.2 2.4 1.9 2.6 0.32
Options: Food Product            
Prices will increase 84.8 85.0 85.6 85.1 84.8 0.78
Price increase more than current rate 51.4 47.4 53.4 51.4 52.5 1.16
Price increase similar to current rate 27.5 28.9 25.2 26.5 27.0 0.96
Price increase less than current rate 6.0 8.7 7.0 7.1 5.3 0.45
No change in prices 9.3 10.2 9.4 9.7 9.7 0.64
Decline in prices 5.9 4.8 5.0 5.3 5.5 0.45
Options: Non-Food Product            
Prices will increase 81.4 80.0 82.7 83.3 82.3 0.79
Price increase more than current rate 48.2 44.2 51.1 49.1 51.0 1.18
Price increase similar to current rate 26.7 26.8 25.3 26.6 26.1 0.91
Price increase less than current rate 6.5 9.0 6.3 7.6 5.2 0.44
No change in prices 13.8 15.8 13.2 12.7 13.1 0.70
Decline in prices 4.8 4.3 4.1 4.0 4.6 0.40
Options: Household Durables            
Prices will increase 70.7 71.1 72.5 70.6 67.5 0.97
Price increase more than current rate 42.7 40.1 45.2 41.6 40.7 1.10
Price increase similar to current rate 22.6 23.4 21.5 21.8 22.0 0.83
Price increase less than current rate 5.4 7.7 5.8 7.2 4.8 0.42
No change in prices 19.1 19.9 19.2 21.2 22.6 0.84
Decline in prices 10.2 9.0 8.3 8.2 10.0 0.58
Options: Housing Prices            
Prices will increase 78.9 80.2 79.8 81.0 77.9 0.89
Price increase more than current rate 53.0 50.9 55.2 53.0 52.9 1.08
Price increase similar to current rate 20.8 22.5 19.6 21.5 21.0 0.87
Price increase less than current rate 5.1 6.8 5.0 6.5 4.0 0.38
No change in prices 12.4 13.9 13.9 13.3 15.1 0.74
Decline in prices 8.8 5.9 6.3 5.7 7.0 0.52
Options: Cost of Services            
Prices will increase 82.9 82.6 84.2 84.1 82.0 0.81
Price increase more than current rate 48.6 45.3 52.9 49.5 49.7 1.18
Price increase similar to current rate 27.9 28.6 24.4 26.6 27.3 0.96
Price increase less than current rate 6.4 8.7 6.9 8.0 5.0 0.44
No change in prices 13.5 14.9 13.5 13.7 15.6 0.76
Decline in prices 3.7 2.5 2.4 2.2 2.4 0.29
Note:
1. The table provides estimates and standard errors for qualitative responses for September 2018 round. For earlier rounds, the results are based on sample proportions.
2. Constituent items may not add up to the corresponding total, due to rounding off.

Table 2: Inflation Expectations of various Groups: September 2018
  Current Three months ahead One year ahead
Mean Median Mean Median Mean Median
Estimate SE Estimate SE Estimate SE Estimate SE Estimate SE Estimate SE
Overall 9.2 0.12 8.4 0.19 9.9 0.12 9.4 0.27 9.6 0.14 9.8 0.23
Gender-wise                        
Male 9.3 0.14 8.4 0.19 10.0 0.14 9.4 0.31 9.6 0.17 9.8 0.28
Female 9.4 0.16 8.9 0.37 10.1 0.16 9.8 0.32 9.7 0.22 10.0 0.25
Category-wise                        
Financial Sector Employees 8.5 0.41 7.7 0.60 9.1 0.40 8.4 0.43 8.9 0.49 8.6 0.56
Other Employees 9.3 0.20 8.4 0.21 10.0 0.19 9.5 0.33 9.8 0.23 10.0 0.27
Self Employed 9.3 0.22 8.3 0.30 9.9 0.22 9.2 0.34 9.3 0.26 9.5 0.44
Homemaker 9.5 0.17 9.2 0.40 10.2 0.18 10.0 0.24 9.9 0.24 10.2 0.17
Retired Persons 9.5 0.41 8.6 0.65 10.2 0.39 9.5 0.59 9.7 0.42 9.4 0.60
Daily Workers 9.1 0.24 8.2 0.32 9.8 0.23 9.0 0.43 9.7 0.27 9.9 0.35
Other category 8.7 0.25 7.5 0.30 9.5 0.26 8.5 0.31 9.1 0.32 9.3 0.53
Age Group-wise                        
Up to 25 years 8.7 0.27 7.6 0.27 9.4 0.26 8.4 0.32 9.1 0.31 8.8 0.49
25 to 30 years 9.0 0.20 8.0 0.28 9.7 0.20 8.8 0.28 9.6 0.24 9.8 0.35
30 to 35 years 9.0 0.20 8.2 0.31 9.7 0.20 9.1 0.40 9.7 0.23 9.7 0.36
35 to 40 years 9.2 0.22 8.4 0.33 9.9 0.21 9.5 0.42 9.5 0.26 9.7 0.37
40 to 45 years 9.2 0.23 8.5 0.34 9.9 0.23 9.4 0.40 9.6 0.28 9.6 0.41
45 to 50 years 9.7 0.29 9.8 0.45 10.2 0.28 10.1 0.36 9.8 0.33 10.1 0.42
50 to 55 years 9.7 0.28 9.1 0.52 10.4 0.28 10.1 0.32 9.6 0.35 9.9 0.52
55 to 60 years 10.0 0.29 9.8 0.33 10.7 0.28 10.3 0.27 9.5 0.37 9.6 0.37
60 years and above 9.5 0.31 8.9 0.58 10.3 0.28 9.8 0.47 9.8 0.33 9.9 0.42
City-wise                        
Ahmedabad 9.9 0.38 9.6 0.64 10.9 0.38 10.6 0.57 10.4 0.50 10.5 0.61
Bengaluru 5.7 0.28 4.7 0.29 6.4 0.26 5.4 0.21 7.0 0.30 6.1 0.23
Bhopal 7.5 0.57 6.9 0.79 8.6 0.59 8.6 0.66 8.5 0.93 9.5 1.13
Bhubaneswar 7.6 0.80 6.4 1.18 9.5 0.98 8.3 1.39 10.1 0.96 9.7 1.58
Chennai 9.0 0.50 8.1 0.70 9.8 0.42 9.1 0.61 10.0 0.43 10.3 0.28
Delhi 9.7 0.27 9.2 0.54 10.1 0.27 9.7 0.42 9.2 0.33 9.3 0.48
Guwahati 10.1 1.00 10.3 0.73 9.4 0.90 9.7 1.09 8.1 0.77 7.9 1.21
Hyderabad 9.4 0.38 8.4 0.83 10.6 0.36 9.9 0.74 11.1 0.35 11.5 0.85
Jaipur 6.7 0.28 6.2 0.40 7.4 0.35 7.2 0.35 8.1 0.45 8.4 0.60
Kolkata 10.7 0.42 10.4 0.27 11.3 0.45 11.0 0.71 11.5 0.49 11.9 1.46
Lucknow 8.1 0.64 7.6 0.63 9.3 0.72 8.8 0.38 9.7 0.90 10.3 0.51
Mumbai 11.7 0.38 12.1 1.45 12.2 0.36 13.5 1.59 10.7 0.42 12.2 1.33
Nagpur 8.8 0.46 8.0 0.74 10.0 0.54 9.5 0.79 9.5 0.88 9.8 0.83
Patna 7.4 0.38 6.7 0.58 7.9 0.43 7.6 0.51 7.8 0.53 7.9 0.78
Thiruvananthapuram 7.6 0.80 6.5 1.29 9.5 0.83 8.9 1.08 10.5 0.68 11.1 1.24
Chandigarh 9.4 0.71 9.1 0.59 9.0 0.50 8.9 0.46 8.9 0.55 8.6 0.57
Ranchi 7.5 0.86 6.5 1.12 7.6 1.00 7.0 1.33 7.2 1.02 6.7 1.23
Raipur 6.7 0.68 5.8 0.51 6.8 0.70 5.9 0.73 6.1 0.96 6.1 0.70
Note: The table provides estimates and standard errors for quantitative responses for September 2018 round.

Table 3: Households Expecting General Price Movements in Coherence with Movements in Price Expectations of Various Product Groups: Three Months Ahead and One Year Ahead
(Percentage of Respondents)
Survey period ended Food Non-Food Households durables Housing Cost of services
Three Months Ahead
Sep-17 66.8 65.8 56.8 60.1 64.9
Mar-18 63.7 63.2 55.6 57.8 62.7
May-18 67.5 65.6 56.6 60.0 65.0
Jun-18 65.6 64.7 53.8 60.0 63.7
Sep-18 64.4 65.3 52.8 58.6 64.3
One Year Ahead
Sep-17 72.7 69.9 60.5 67.4 69.8
Mar-18 69.0 66.3 59.6 64.3 69.2
May-18 72.4 70.8 62.5 67.4 72.1
Jun-18 71.9 71.4 60.9 67.4 71.9
Sep-18 72.2 71.5 60.0 66.5 71.4
Note: Figures are based on sample observations

Table 4(a): Cross-tabulation of Number of Respondents by Current Inflation Perception and Three Months Ahead Inflation Expectations: September 2018
Three Months Ahead Inflation Rate (per cent)
Current Inflation Rate (per cent)   <1 1-<2 2-<3 3-<4 4-<5 5-<6 6-<7 7-<8 8-<9 9-<10 10-<11 11-<12 12-<13 13-<14 14-<15 15-<16 >=16 No idea Total
<1 7 3 7 3 0 2 0 0 0 0 0 0 0 0 0 0 0 0 22
1-<2 2 39 19 2 2 0 0 0 0 0 0 0 0 0 0 0 0 0 64
2-<3 2 11 94 78 52 10 0 0 0 0 0 0 0 0 0 0 0 0 247
3-<4 3 3 10 116 105 62 7 3 4 0 2 0 0 0 0 0 1 0 316
4-<5 0 0 6 11 178 103 48 10 9 0 1 0 0 0 0 0 1 1 368
5-<6 2 5 3 18 21 426 148 195 62 4 53 1 2 0 0 2 1 5 948
6-<7 1 0 1 3 3 5 152 68 86 13 7 2 3 0 0 0 2 0 346
7-<8 1 0 2 4 4 5 6 217 89 62 48 5 1 1 1 2 0 0 448
8-<9 0 0 0 1 0 4 5 4 199 75 74 9 10 1 0 1 1 0 384
9-<10 0 0 0 2 0 0 4 2 2 103 55 24 10 2 2 4 3 0 213
10-<11 0 0 0 1 1 15 3 8 11 7 505 60 97 25 7 112 33 6 891
11-<12 0 0 0 0 0 1 0 0 0 1 4 36 10 27 6 15 4 0 104
12-<13 0 0 0 0 0 0 0 1 2 1 1 0 32 7 13 20 5 0 82
13-<14 0 0 0 0 0 0 0 0 0 0 2 1 0 11 5 5 2 0 26
14-<15 0 0 0 0 0 0 0 0 0 0 0 1 0 0 23 15 8 0 47
15-<16 0 0 0 0 0 1 0 0 0 0 5 0 2 2 4 106 95 0 215
>=16 0 0 0 1 0 5 4 0 0 0 13 0 4 0 0 20 980 12 1039
Total 18 61 142 240 366 639 377 508 464 266 770 139 171 76 61 302 1136 24 5760
Note: Figures are based on sample observations

Table 4(b): Cross-tabulation of Number of Respondents by Current Inflation Perception and One Year Ahead Inflation Expectations: September 2018
One Year Ahead Inflation Rate (per cent)
Current Inflation Rate (per cent)   <1 1-<2 2-<3 3-<4 4-<5 5-<6 6-<7 7-<8 8-<9 9-<10 10-<11 11-<12 12-<13 13-<14 14-<15 15-<16 >=16 No idea Total
<1 8 1 1 3 2 3 1 1 1 0 0 0 0 0 0 0 0 1 22
1-<2 20 14 8 15 3 1 2 0 0 0 0 0 0 0 0 0 0 1 64
2-<3 44 2 38 36 58 37 17 6 9 0 0 0 0 0 0 0 0 0 247
3-<4 34 3 2 50 49 98 27 16 14 4 11 0 1 0 0 1 5 1 316
4-<5 46 2 1 6 81 79 75 31 18 6 14 1 5 0 1 0 0 2 368
5-<6 109 1 4 9 7 230 95 155 96 34 148 12 14 4 3 16 10 1 948
6-<7 43 0 0 0 0 2 90 27 58 29 54 15 13 2 3 4 4 2 346
7-<8 45 0 1 3 1 5 4 149 52 62 58 12 29 5 5 9 8 0 448
8-<9 42 0 0 0 1 1 3 3 116 48 83 15 32 11 5 12 8 4 384
9-<10 21 0 0 0 1 0 1 0 2 69 18 29 27 8 14 10 10 3 213
10-<11 86 0 0 1 1 10 3 3 8 3 331 39 87 24 17 136 136 6 891
11-<12 13 0 0 0 0 0 0 0 1 0 0 19 8 13 12 25 13 0 104
12-<13 10 0 0 0 0 0 1 0 0 0 0 0 17 3 6 19 25 1 82
13-<14 2 0 0 0 0 0 0 0 0 1 0 0 0 7 3 6 7 0 26
14-<15 7 0 0 0 0 0 0 1 0 0 1 0 0 0 15 3 19 1 47
15-<16 24 0 0 0 0 1 0 0 0 1 4 0 0 1 0 68 113 3 215
>=16 123 0 0 1 1 3 1 0 0 0 10 0 1 1 0 15 863 20 1039
Total 677 23 55 124 205 470 320 392 375 257 732 142 234 79 84 324 1221 46 5760
Note: Figures are based on sample observations

1 सर्वेक्षण, जो रिजर्व बैंक द्वारा नियमित अंतराल पर आयोजित किया जाता है, निकट भविष्य में मुद्रास्फीतिकारी दबाव पर उपयोगी निदेशात्मक जानकारी प्रदान करता है और अन्य आर्थिक संकेतकों का अनुपूरक होता है। सर्वेक्षण में उल्लिखित मुद्रास्फीति की अपेक्षाएं उत्तरदाताओं द्वारा दिए गए उत्तरों पर आधारित है और उनकी स्वयं की खपत प्रवृत्ति को प्रतिबिंबित करती हैं। अतः इन्हें मुद्रास्फीति के आधिकारिक उपायों के लिए बेंचमार्क के रूप में नहीं माना जाना चाहिए।

2 सर्वेक्षण पर तकनीकी सलाहकार समिति (टी.ए.सी.एस) द्वारा अनुमोदन के अनुसार, सर्वेक्षण के सितंबर 2018 के दौर से कोटा सैमपलिंग के स्थान पर टू-स्टेज प्रॉबबिलिटि सैमपलिंग स्कीम लागू की गई है। फलस्वरूप, सर्वेक्षण के परिणामों में परिवर्तन, संबंधी तालिकाओं के फुटनोट में बताए गए हैं। इसके अलावा, समग्र प्रतिदर्श आमाप को 6,000 पर रखते हुए, जनगणना 2011 के अनुसार प्रत्येक शहर के परिवारों की संख्या के अनुपात में शहरवार प्रतिदर्श आमाप संशोधित किया गया है।


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